Bitcoin, Ether Record Marginal Profits as Stablecoins See Small Gains Amid Market Uncertainty

Bitcoin is currently trading at $22,456 (roughly Rs. 18.3 lakh).

Bitcoin, Ether Record Marginal Profits as Stablecoins See Small Gains Amid Market Uncertainty

Photo Credit: Unsplash/ Dmitry Demidko

The global crypto market valuation stands at $1.03 trillion

Highlights
  • Memecoins Dogecoin and Shiba Inu saw losses
  • Elrond, Aave recorded gains on Tuesday
  • Both Chainlink and Cosmos saw small increases in value
Advertisement

Bitcoin on Tuesday opened with a minor profit of 0.35 percent on national as well as international exchanges. The oldest cryptocurrency is trading at the price point of $22,456 (roughly Rs. 18.3 lakh). In the last 24 hours, the value of BTC spiked by a small amount — $81 (roughly Rs. 6,625). The asset was trading close to $25,000 (roughly Rs. 20 lakh) up until February, has dropped down to a two-week low since the beginning of March. The crypto price chart has been reflecting at the market volatility ever since the crypto-friendly bank Silvergate reported financial instability issues earlier this month.

Ether conventionally followed Bitcoin and managed to mint small profits. The value of ETH, at the time of writing, stood at $1,574 (roughly Rs. 1.28 lakh) with a minor gain of 0.82 percent as per Gadgets 360's crypto price tracker.

Stablecoins pegged against the US dollar managed to retain greens against the market turbulence. These include Tether, USD Coin, and Binance USD.

Polygon, Avalanche, Uniswap, Leo, and Monero emerged among profit-making cryptocurrencies.

Meanwhile, EOS Coin, Decentraland, Elrond, and Aave also reeled-in profits.

The global crypto market rose by 0.75 percent to touch the valuation of $1.03 trillion (roughly Rs. 84,06,471 crore) in the last 24 hours, the data by CoinMarketCap said. On the other hand, Binance Coin, Cardano, Solana, Polkadot, and Litecoin settled with losses.

Both memecoins Dogecoin and Shiba Inu also saw dips in value, alongside Tron, Chainlink, Cosmos, and Wrapped Bitcoin.

In the days to come, the ongoing volatility in the market is expected to continue to affect cryptocurrencues, especially in the backdrop of the Silvergate chaos. The crypto-friendly bank has reported a $1 billion (roughly Rs. 8,21,300 crore) loss for the fourth quarter of 2022, pushing investors to rapidly withdraw their deposits with the bank. Wayne Huang, co-founder and CEO of XREX, a global USD-crypto exchange headquartered in Taipei, said the issues highlighted how interconnected and vulnerable crypto banking had become, in the aftermath of the Silvergate crisis.


From smartphones with rollable displays or liquid cooling, to compact AR glasses and handsets that can be repaired easily by their owners, we discuss the best devices we've seen at MWC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
The Last of Us Episode 8 Draws 8.1 Million Viewers, Scores a Series High for HBO
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »